Volta Metals drills 0.85% TREO over 383.5 m at Springer

Mr. Kerem Usenmez reports VOLTA DRILLS WIDE, HIGH-GRADE RARE EARTH OXIDE MINERALIZATION AT SPRINGER REE PROJECT IN ONTARIO, CANADA Volta Metals Ltd. has released assay results from the first borehole recently drilled at the Springer rare earth deposit, located outside of Sturgeon Falls, Ont., Canada. Borehole SL25-23 was drilled to confirm mineralization grade and continuity in the top 200 metres (m) of the historical resource estimate, and to test for additional mineralization at depth. The thick total rare earth oxide (TREO) intercept, within which multiple higher-grade zones occur, predominantly comprises light rare earth elements (LREEs) such as praseodymium, neodymium, lanthanum and cerium. These LREEs are all used in the manufacture of a wide range of high-tech products, including powerful permanent magnets for specialty technology and electronics applications. Additionally, significant amounts of heavy rare earths such as dysprosium, terbium and uttrium, used in permanent magnets, LED (light-emitting diode), fluorescent lighting and lasers, were also encountered (see table 1). Borehole SL25-23 was drilled at a minus-45-degree angle to test the extension of mineralization along dip. The planned depth for the borehole was 350 m; however, due to continued mineralization, drilling continued and eventually terminated at 453 m downhole. Drill hole intercepts drilled at the Springer rare earth deposit are core lengths and not true widths. True width will be determined once the geological modelling to define the ore controls is completed. The company expects to have the assay results from the second borehole in the coming two weeks. "We're very pleased with the outcome of our first Springer borehole," said Kerem Usenmez, president and chief executive officer of Volta. "Not only does it validate the historical resource, but it also confirms that high-grade mineralization continues at depth. This strong start gives us great confidence in the remaining drill holes and the upcoming mineral resource update." Details Borehole SL25-23 was designed to confirm the presence of high-grade rare earth elements and potential gallium mineralization intersected in historical borehole SL11-03. The first 200 m of the borehole confirmed the presence of high-grade mineralization (gallium assays are pending). The assay results verify and extend the host carbonatite complex at depth and will be utilized to update the historical National Instrument 43-101 resource estimate (TREO of 4.167 million tonnes (t) at 1.073 per cent TREO indicated and 12.73 million t at 1.119 per cent TREO in the inferred resource category at a cut-off grade of 0.9 per cent TREO (P. Daigle, May 4, 2012, technical report and resource estimate of the Lavergne-Springer REE project, Ontario, Canada, Tetra Tech Wardrop). About the Springer rare earth deposit The 2012 resource estimate presented for the Springer rare earth project is historical in nature. Volta's qualified person has not completed sufficient work to confirm the results of the historical resource. Volta does not treat this as a current mineral resource, but considers it relevant as a guide to future exploration and includes it for reference purposes only. The historical resource was estimated by Tetra Tech Inc. in 2012. The block model and mineral resource for the Springer rare earth project is classified as having both indicated and inferred mineral resources based on the number of drill holes, drill hole spacing and sample data populations used in the estimation of the blocks. The mineral resource estimate for the deposit, at a cut-off of 0.9 per cent TREO, is an indicated resource of 4.2 million t at 1.14 per cent TREO, 0.02 per cent ThO2, with approximately 6 per cent of the TREO being made up of heavy rare earth oxides (HREO), and an inferred resource of 12.7 million t at 1.17 per cent TREO, 0.01 per cent ThO2, with approximately 4 per cent of the TREO being made up of HREOs. The 2012 mineral resource, based on 22 diamond drill holes, was estimated by ordinary kriging interpolation on uncapped grades for all 15 REOs and thorium dioxide. The TREO per cent is a sum of the 15 individual interpolations of the REOs. No recoveries have been applied to the interpolated estimates. The 2012 resource estimate categories are not compliant with the current CIM definition standards. No other resource estimates have been undertaken since the 2012 Tetra Tech Wardrop report. Further drilling will be required by Volta to verify the historical estimate as a current mineral resource. QA/QC (quality assurance/quality control) protocol All drilling was completed by an Orbit Garant diamond drill rig producing NQ-size core. Volta implemented a strict QA/QC protocol in processing all rock samples collected from the diamond core samples obtained from the Springer REE property. The protocol included inserting reference materials, in this case, high-concentration and low-concentration certified rare earth elements standards, blanks and drill core duplicates, to validate the accuracy and precision of the assay results. All collected rock core samples were cut in half by a rock saw, placed in sturdy plastic bags and zip tied shut while under the supervision of a professional geologist. The remaining half core is returned to the core box which is stored on the property. Sample bags were then put in rice bags and kept secure before being sent by road transport to Activation Laboratories Ltd. preparation facility in North Bay, Ont. Sample preparation (code RX1) consists of drying and crush (less than seven kilograms (kg)) up to 80 per cent passing two millimetres (mm), riffle split (250 grams (g)) and pulverized (mild steel) to 95 per cent passing 105 microns. The samples are subsequently analyzed at Activation Laboratories' Ancaster, Ont., site using Code 8-REE assay (lithium metaborate/tetraborate fusion with subsequent analysis by ICP (inductively coupled plasma) and ICP/MS (inductively coupled plasma mass spectrometry)). Qualified person The technical content of this news release has been reviewed and approved by Andrew Tims, PGeo, who is an independent qualified person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the company have not completed sufficient work to verify the historical information on the Springer deposit, and the information is considered as historical, particularly regarding historical exploration and government geological work. About Volta Metals Ltd. Volta Metals is a mineral exploration company based in Toronto, Ont., focused on rare earths, gallium, lithium, cesium and tantalum. It owns, has optioned and is currently exploring a critical minerals portfolio of rare earths, gallium, lithium, cesium and tantalum projects in Ontario, one of the world's most prolific and emerging hard-rock critical mineral districts. We seek Safe Harbor.